The cryptocurrency world has been talking about FTX almost exclusively lately. To summarize the event, all details of which can be found here; FTX, one of the largest cryptocurrency exchanges in the world, has officially gone bankrupt and trust in the crypto money markets is once again gone. One of the leading names in the industry, Binance CEO Changpeng Zhao was among the most criticized names in this process.
On the other hand, CZ held an AMA (question and answer) event on Twitter yesterday. As you can imagine, the number one agenda item of this event was FTX. CZ, who was criticized for giving confidence to invest in FTX when asked by users, finally screwed it up for himself. However, Binance CEO admitted that he and other equity investors were to blame for the collapse of FTX.
CZ admits responsibility but says investors are to blame too!
“Why did all the investors, including us, invest in them? I think this accusation is actually somewhat true. All the investors who invested in FTX made a mistake and many of them were very professional investors. Why didn’t they foresee something like this going to happen?” Speaking in the form of CZ, he still stated that they are not the only fault. According to Binance CEO, investors were also to blame…
“As a user, you also have a responsibility. You can’t put all the responsibility on others. If you always blame someone else when bad things happen, you’ll always fail. You’re also always taking care of the person most responsible to yourself, namely yourself.” Using the expression, CZ stated that Binance is also in loss.
“We were able to sell a small portion of $580 million worth of FTT!”
Binance has been among the companies that have invested in FTX since 2019. Also touching upon this issue, CZ announced that they have purchased $580 million worth of FTT (FTX’s local cryptocurrency) to date, of which they have been able to sell only a small portion of it. According to CZ, Binance, like other investors, suffered losses due to the collapse of FTX.
According to CZ, Binance’s only loss was not the FTT they held. Saying that they are creating insurance funds, the CEO said, “We don’t want to create a situation where anything falls in the industry. Binance has to pay to provide it.” used the phrases.
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